Georgia and S.C. Congressmen stand for, against Wall Street bailout

A trader takes a break as the Dow Jones Industrial Average plummets Monday, Sept. 29, 2008, in front of the New York Stock Exchange in New York. Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, after the government's financial bailout package failed to survive a vote in the House. (AP Photo/Stephen Chernin)

Georgia and South Carolina Congressmen try to figure out what is next in the proposed bailout of the country's financial institutions after the newest proposal fails in the U.S. House of Representatives today.

U.S. Rep. Gresham Barrett, R-S.C., and U.S. Sen. Jim DeMint, R-S.C., are pushing for a different solution to the financial problems on Wall Street as they stand against the $700 billion proposal to bailout the nation's financial institutions.

Meanwhile, U.S. Sen. Lindsey Graham, R-S.C., expresses his disappointment in the failure of the legislation, saying that he has never been "more disappointed" in Congress than he is today.

"Democratic and Republican leaders must find a way to bring more votes on board to this bipartisan bill," Sen. Graham said. "I will continue to do my part in this effort as I realize the cost of congressional inaction will be steep."

Colleen Mangone released a statement from U.S. Rep. Barrett. She said he delivered his address to the House of Representatives at about 10:45 a.m. Monday. In it, he states that he supports a "free market" solution to the problems on Wall Street and not government intervention.

"There is no doubt that we find ourselves in a precarious situation and people are angry, rightly so. I am angry. But we must not allow this anger to cloud our judgment and make choices that will divide our country," Barrett said, in his address. "This is not a matter of Wall Street versus Main Street."

And Sen. DeMint said Americans have "told Congress they are willing to work through this problem instead of expanding the failed government that created it."

He proposed "real solutions" including reforming the U.S. tax code and government institutions as well as changing government regulations.

"It is now time to reform the misguided government policies that caused this mess," Sen. DeMint said, in a statement released by his press secretary.

U.S. Rep. Paul Broun, R-S.C., also voted against the $700 billion bailout. He said he feels the proposal would have "unintended consequences that may be unimaginable."

"Socialism has never worked and it will not work," Rep. Broun said.

Georgia's U.S. Senators, Saxby Chambliss, R-Ga., and Johnny Isakson, R-Ga., both urged action soon by the House. "I hope cooler heads will come to the table so we can move forward with a proposal that is in the best interests of the American people, their savings and their future," Sen. Isakson said.